Partnership Statutes

Partnership Statutes - Partnership Statutes 1. What...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1. What title/chapter of the South Dakota statutes is entitled "Uniform Partnership Act"? SDCL 48-7A 2. What is the definition of a partnership in South Dakota? SDCL 48-7A-101 (6): "Partnership" means an association of two or more persons to carry on as co-owners a business for profit formed under § 48-7A-202, predecessor law, or comparable law of another jurisdiction 3. Must a partnership agreement be written to be effective in South Dakota? Hint: Review the statute cited in your answer to Question 2. SDCL 48-7A-101 (7): No. "Partnership agreement" means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement 4. Is a partnership a business entity that is distinct (separate) from its partners in South Dakota? SDCL 48-7A-201: Yes. A partnership is an entity distinct from its partners. (b) A limited liability partnership continues to be the same entity that existed before the filing of a statement of qualification under § 48-7A-1001. 5. What matters are considered when determining whether a partnership has been formed in South Dakota? SDCL 48-7A-202: (c) In determining whether a partnership is formed, the following rules apply: (1) Joint tenancy, tenancy in common, tenancy by the entireties, joint property, common property, or part ownership does not by itself establish a partnership, even if the co- owners share profits made by the use of the property. (2) The sharing of gross returns does not by itself establish a partnership, even if the persons sharing them have a joint or common right or interest in property from which the returns are derived. (3) A person who receives a share of the profits of a business is presumed to be a partner in the business, unless the profits were received in payment: (i) Of a debt by installments or otherwise; (ii) For services as an independent contractor or of wages or other compensation to an employee; (iii) Of rent; (iv) Of an annuity or other retirement or health benefit to a beneficiary, representative, or designee of a deceased or retired partner; (v) Of interest or other charge on a loan, even if the amount of payment varies with the profits of the business, including a direct or indirect present or future ownership of the collateral, or rights to income, proceeds, or increase in value derived from the collateral; or (vi) For the sale of the goodwill of a business or other property by installments or otherwise. 6. Is property acquired by the partnership property of the partnership or property of the individual partners? SDCL 48-7A-203: Property acquired by a partnership is property of the partnership and not of the partners individually. 7. List the general rights and duties of the partners in South Dakota.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/15/2011 for the course BUSINESS L 101 taught by Professor Smith during the Spring '11 term at American.

Page1 / 4

Partnership Statutes - Partnership Statutes 1. What...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online